Photo by Hannah Busing on Unsplash
Despite the challenging situation following the Silicon Valley Bank collapse, we cannot help but admire how the international community came together to navigate the crisis.
We want to send our support to the founders and their teams in the Female Founders Community and beyond, who are affected by the SVB crash. There is still a lot of uncertainty ahead of us but we are already seeing some positive developments:
- Silicon Valley Bank (UK) Ltd has been sold to HSBC, the largest bank in Europe and is one of the world’s largest banking and financial services institutions. Customers of SVB UK will be able to access their deposits and banking services as normal from today, March 13th. AND
- FDIC (Federal Deposit Insurance Corporation) in the US stepped in as Receiver for Silicon Valley Bank and transferred all deposits—both insured and uninsured— to a newly created, full-service FDIC-operated ‘bridge bank’ in an action designed to protect all depositors of Silicon Valley Bank.
Please see below for a list of official resources for customers of Silicon Valley Bank in the US and in the UK.
Resources for customers of Silicon Valley Bank – Santa Clara, California
If you had a deposit account: Depositors will have full access to their money beginning March 13, 2023, when Silicon Valley Bank, N.A. resumes normal banking activities.
If you had a loan: Borrowers will automatically become customers of Silicon Valley Bank, N.A., the bridge bank, and should continue to make their payments as usual.
Resources for customers of Silicon Valley Bank UK
On the 13th of March, The Bank of England (Bank), in consultation with the Prudential Regulation Authority (PRA), HM Treasury (HMT) and the Financial Conduct Authority (FCA), has taken the decision to sell Silicon Valley Bank UK Limited (SVBUK), the UK subsidiary of the US bank, to HSBC UK Bank Plc (HSBC).
SVBUK remains authorised by the PRA and FCA. It will operate as normal and the Bank of England and HM Treasury have confirmed depositors’ money is safe as a result of the transaction.
SVBUK customers will continue to have access to the Financial Services Compensation Scheme and Financial Ombudsman Service, and their other consumer rights are unaffected.
Customers of SVBUK can contact the bank through their usual channels.
How can we help?
- Are you worried about what the situation means for the European startups in the future?
- Do you have questions about what startups should do now facing issues with cashflow?
- Are you feeling overwhelmed and unsure?
Know that you are not alone! We are keeping our inboxes open for any questions. We also urge our Community experts to contact us directly to share resources and facilitate support to the Female Founders community.